Social Security Handbook

A beneficiary of a trust that operates a trade or business is not
engaged in the trade or business. This is because the trust rather than
the beneficiary is engaged in the activity. However, a trade or business
that is carried on by a conservator, committee, or guardian on behalf of
an incompetent is considered as carried on by the incompetent. This is
true even if the person has been legally adjudged as incompetent.

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